Businesses urge UK government to set out net zero strategy

November 9th, 2023

A coalition of UK businesses is calling on the UK Chancellor Jeremy Hunt to outline the government’s long-term net zero plan in his upcoming Autumn Statement.

In a letter to the Chancellor, the UK Business Group Alliance for Net Zero called for “coherent, robust and proportionate intervention in the global race to net zero”.

Senior business leaders from Amazon, Unilever and Nestle, as well as Rachel Elwell, chief executive of Border to Coast, highlighted the potential benefits for businesses that the transition to net-zero offers.

The alliance said: “With over 90% of global GDP covered by net zero targets, markets for low carbon technologies, materials and products are likely to grow rapidly – and the advantages of being a first mover could be huge.”

It argued there are considerable businesses benefits to the net zero transition, such as improved efficiency, reduced costs and access to new markets.

The coalition said the Autumn Statement should include investment in the infrastructure, skills, research & development and innovation that will enable a green transition and said the Treasury should focus on industries where the UK already has a competitive advantage.

UK Business Group Alliance also called for investment incentives, including tax breaks, “to make the UK a go-to destination for low carbon capital, skills and innovation”.

Beverley Cornaby, director of the UK Corporate Leaders Group, said: “Businesses have consistently shown their support for net zero ambition and action.

“We are today calling on the Chancellor to help unlock the economic benefits for businesses in the UK and ensure the UK retains its position as a global leader on climate change.”

The alliance also suggested representatives meet with the Chancellor to discuss the Autumn Statement ahead of its release on 22 November 2023.